To escape the sky-high prices, homebuyers need to consider more northern or eastern regions of Ontario.
As interest rates began to rise in 2022, Ontario's housing market witnessed significant declines in home prices from their pandemic peaks. Despite this, most major cities in the province continue to boast average home prices above the national average of $754,700.
Zoocasa, a leading real estate company, has conducted a study to identify the most affordable areas in the province. Zoocasa compared the average home prices in May 2023 across 28 cities in Ontario and calculated the average monthly mortgage payment required for a home purchased at the average price in each city.
Sault Ste. Marie, with the lowest average home price in the entire province at $287,600, stands out as an affordable option. It offers a price difference of over $100,000 compared to North Bay, the second most affordable city, and is over $600,000 cheaper than the provincial average. Few cities across Ontario, and even beyond, have average home prices below $300,000, making Sault Ste. Marie truly unique in terms of affordability. Based on the average home price, homeowners in Sault Ste.
Sudbury presents another affordable option for homebuyers seeking a blend of urban and rural living. In May 2023, the average home price was $451,000, with an average monthly mortgage payment of $2,086. Following Sudbury, Bancroft and Area and Kingston and Area offer average home prices of $496,500 and $555,200 respectively.
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